Our Home Expenses Plan pays up to 125% of your essential monthly household bills if sickness or an accident means you're off work
If sickness or an accident prevents you from working, any sick pay you receive may only cover you for a limited period and then you might have a worrying time facing those monthly household expenses such as your mortgage, rent, loans, credit cards, fuel and water bills, household insurance,etc. It really is surprising how they mount up month by month.
Just look at what the Home Expenses Plan has to offer:
You can choose the level and period of cover you want
Anyone aged from 18 to 54 can apply for the Plan to cover a minimum of 5 years or a maximum of when you reach the age of 65. Benefits start from a minimum of £200 a month right up to a maximum of £2000 a month.
You can choose to cover just your current regular bills or allow a little extra for the future
You have the option of choosing a level of benefit that will cover up to 100% of your essential monthly expenses if an accident or sickness keeps you off work OR can choose to increase your level of benefit up to 125% of these payments to allow for any likely future increases.
You can choose the length of waiting period before you start receiving benefits
You can choose how long a waiting period there should be from the date when you became ill or had an accident to the date when you receive your first sickness benefit. You can choose the waiting period (eg 4 weeks, 8 weeks, up to 52 weeks) when you take out the plan and you can change this at any time (but not during a claim). Remember the longer the waiting period you choose, the lower the monthly premium you will pay.
* This premium relates to someone aged between 18 and 30, with a deferred period of 52 weeks.
Premiums will increase on every 5th anniversary after you have reached the age of 30.
All references to taxation are to UK taxation and are based on Shepherds Friendly Society's understanding of current legislation and HM Revenue and Customs practice which may change in the future. Please ensure that you read the full Terms and Conditions of this plan which are available from your financial adviser or by contacting us directly.
Look at an example
Rick and Emma are both aged 35 and have monthly essential household expenses (inc. mortgage, fuel, loans and insurance) of £1500.
With a deferred period of 13 weeks, they would pay just £29.55 per month to provide cover of £1500.